Vulture Funds Circle Argentina, Waiting for Moment to Buy.

(Bloomberg) -- The sell-off in Argentina bonds is so severe that it may soon attract distressed-debt investors betting that there's money to be made in a restructuring. "The market will go lower and distressed investors will step in at some point, even with the uncertainty", said Alain Nydegger, a money manager at Pala Assets in Switzerland, which focuses on emerging-market debt. Distressed debt investors will probably wait until Argentine bonds are well below expected recovery values before buying, said Eric Baurmeister, who helps manage $12 billion in emerging-market debt at Morgan Stanley Investment Management Inc. in New York. [Extracted from the article]